USFDA raises concerns about Ranbaxy’s Toansa plant - Shares fall as much as 9.1% to Rs 421.10
The US Food and Drug Administration (FDA) has raised concerns about the manufacturing practices at a factory owned by Ranbaxy Laboratories Ltd, the drugmaker said on Monday, sending its shares down to nearly a one-month low.
All of Ranbaxy’s India-based factories are currently banned by the FDA from exporting medicines to the United States, the company’s largest market, after the regulator’s inspection found violation of its so-called good manufacturing practices.
The company, India’s biggest drugmaker by sales, said the FDA had now filed “certain observations” about its Toansa pharmaceutical ingredients plant in Punjab.
Failure to address these concerns would result in the FDA banning all exports to the United States from the factory.
“The company is assessing the observations, and will respond to the FDA in accordance with the agency’s procedure to resolve the concerns at the earliest,” Ranbaxy said in a statement. It did not give further details.
Shares in Ranbaxy, 63.5% owned by Japan’s Daiichi Sankyo Co, fell as much as 9.1% on Monday to Rs 421.10, its lowest level in nearly a month, while the main Mumbai market index was up 1.1%.
For more visit: Business Standard
Search Our Archives
- Stocks Trading above their 50 day moving average - DMA In Stock Research
- Download free Ebooks based on Technical Analysis In Personal Training
- TOP 100 Stocks with the Highest P/E as on July 14th, 2013 In Stock Research
- TOP 100 Stocks with the Lowest P/E as on July 14th, 2013 In Stock Research
- Charting Pathsala - Your guide to Techincals In Technical Analysis
- sahil dua sir what abt jain irrigation , m holdi...In Intraday calls for 23-07-14
- Navin Hi K K, Wow!!! Very good call KK.. peo...In Intraday calls for 23-07-14
- Sankar Hi CB I have Canbk bgt at 417 and Jsw...In Intraday calls for 23-07-14
- K K Hi MMD, I don't like to spam it over...In Intraday calls for 23-07-14
- TradeWarrior Hi K K, Ur rocking with shorting calls...In Intraday calls for 23-07-14
- MMD Hi KK, Can i have your Blog address...In Intraday calls for 23-07-14
- Mohan Hi KK, PE call option?...In Intraday calls for 23-07-14
- K K Hi iBull / RobotGuy / ankush / mayank ...In Intraday calls for 23-07-14
- MMD Hi trade 4 PROFITS, Can you please ...In Intraday calls for 23-07-14
- van hi cb, what u suggest about MCX?...In Intraday calls for 23-07-14
- K K Book profit in Short position in IRB ...In Intraday calls for 23-07-14
- sanzy CB sir, holding ICICIBank 1500CE fr...In Intraday calls for 23-07-14
- Rohit S Hi K K, you have champinoed it :)...In Intraday calls for 23-07-14